SIRC 2026: ‘Cyber risk is not static, it’s volatile and evolves with any given day’: Beazley

November 2 2026 by

Where do you see the strongest growth opportunities for Beazley across the APAC region over the next two to three years, and which markets or business lines are you prioritising? 

Cyber continues to be an area where we see significant growth opportunities. As the risk grows in complexity and with AI introducing new challenges when it comes to speed and scale of cyber events, the need for businesses to build a resilient cyber strategy, with insurance as a key part, will only grow.  

But it’s also important that businesses don’t view these risks in isolation. For instance another growing risk area we see is the intersection of marine and cyber risks. Vessels are increasingly a target, A recent cyber attack on a commercial tanker brings home how maritime cyber threats are evolving. Rather than stealing data, attackers targeted the vessel’s operational technology, disrupting communications and critical onboard systems. The incident highlights a growing risk for the sector, as cyber attacks move beyond information theft to directly threaten the safe operation of ships, cargo and crew. There is a lot of opportunity here, as leaders in both cyber and marine, to help bridge this protection gap. 

The marine sector is also navigating geopolitical uncertainty and evolving trade routes, which in turn increases demand for specialist solutions, including war-related cover. This reflects wider business concerns around geopolitical disruption and the findings of our Risk & Resilience research, with 89% of Singapore business leaders saying geopolitical tensions are limiting growth and 79% expecting to make changes to suppliers or supply chains over the next 12 months. As organisations adapt, they require specialist support to manage changing risk exposures across global supply chains. 

How is demand for cyber insurance evolving across Asia-Pacific, particularly among mid-sized businesses? 

Cyber risk is not static, it’s volatile and evolves with any given day, and demand for cyber insurance evolves alongside it.  

However while we have seen awareness around cyber risk and insurance improve substantially over the last decade, many organisations still underestimate both the likelihood and potential impact of a cyber incident. This is evident in our Risk & Resilience research, which found that 87% of business leaders in Singapore believe they are prepared for cyber risks and 83% believe they could fully recover from a cyber attack. I think these stats really highlight the potential gap between confidence and the reality of today’s threat landscape and the longevity of a cyber incident.   

Recent events, including the attacks on retail in Europe, really highlight the extent of damage and disruption to operations, customer communications, regulatory obligations and reputation. 

And this is particularly true for mid-sized businesses. In the age of AI, there is no such thing as ‘too small to be a target’.  

The market is undeniably softening across APAC at present, buoyed by abundant capacity and a relatively benign claims environment. Presumably you see no signs of this changing going into 2027? And who will be leading the charge- insurers or reinsurers? 

The APAC market is not moving in a single direction. While there are pockets of softening, particularly in areas such as property and political violence and terrorism where there is significant capacity available, there are also areas where rates remain stable and businesses are continuing to find growth opportunities.  

Success in the current environment is not about being a commodity capacity provider. It’s about differentiation. As a specialist insurer, we focus on complex risk and work closely with clients and brokers to understand their exposures and develop solutions that reflect their specific needs and help build resilience.  

The energy transition is a good example of where we see an opportunity to take that approach further. And being part of Zurich gives us access to complementary expertise and lines of business and broader distribution capabilities. The energy transition will involve cross-class collaboration, and we are in an exciting position to look at a client’s risks more holistically, bringing our specialist underwriters together with teams in areas such as commercial general liability and workers’ compensation, rather than considering individual exposures in isolation. 

From a pricing perspective, we continue to see additional capacity entering the market through MGAs and international markets such as London looking at Asia as a growth opportunity. We do not currently expect that trend to reverse in the early part of 2027, which means maintaining underwriting discipline will remain critically important across the market. 

To what extent is the conflict in Iran and the impact on the marine & aviation markets continuing to affect underwriting for these areas in Singapore?  

From a Singapore perspective, we are seeing the impact most clearly in marine. where  we have seen an increase in enquiries for war-related cover following the conflicts in the Middle East. 

The war has really broadened the risks that vessels face. Beyond weather, collisions or piracy; geopolitical tensions can bring missile and drone attacks, GPS interference and cyber disruption into the equation.  

Our local team has worked closely with clients to help them secure appropriate cover, particularly where vessels are transiting high-risk areas such as the Strait of Hormuz and businesses are seeking greater certainty around their risk exposure. Given the Strait of Hormuz carries around a quarter of global seaborne oil trade, disruption in the region has downstream implications far beyond the immediate transport logistics and reinforces the importance of specialist marine risk solutions to protect integral global supply chains. 

At the same time, we have seen some reduction in shipbuilders’ risks, which is linked to the current geopolitical environment and broader concerns around maritime activity. Conversely, cargo enquiries have increased as clients continue to move goods through global supply chains.  

Where do you see the most significant gaps in insurance protection in APAC at present, and how is Beazley responding through product innovation? 

One of the most significant protection gaps we see across APAC is underinsurance, particularly in cyber. Cyber risk is now the top concern for businesses globally, with 31% of global business leaders identifying cyber threats as a leading risk concern, yet many organisations continue to underestimate the potential financial and operational impact of an incident. While more organisations are purchasing cyber insurance than they were a few years ago, many may not be carrying limits that fully reflect their potential exposures.  

AI is also adding nuance to cyber risks. Yes there are risks associated with AI-enabled cyber attacks, which we recently announced that we affirmatively cover, but businesses shouldn’t overlook the liabilities associated with their own use of AI – such as regulatory risk, or their agents ‘going rogue’, requiring them to voluntarily shutdown their systems. I think our market has a responsibility to provide clarity and certainty about what is covered as more and more clients implement AI – which is why we have announced endorsements addressing these risks.  

We’re also seeing opportunities to support clients with more specialised solutions. For example, there is demand for standalone earthquake cover in markets such as Japan, while developments in parametric insurance could provide new ways to address niche exposures that require specialist protection. Similarly, products such as Beazley’s Deadly Weapons Protection  help organisations manage emerging security and liability risks by combining insurance with risk mitigation and crisis response support. 

Singapore continues to strengthen its position as a regional centre for specialty insurance and reinsurance. What advantages does Singapore offer Beazley in serving the wider region? 

Singapore plays a central role in Beazley’s APAC operations as our regional hub. It is also a hub for many of our broker partners, which creates significant advantages when it comes to serving clients across the region. We know clients and brokers really value on the ground expertise. For instance when it comes to diverging global regulations and what this means for businesses in APAC. With 83% of executives in Singapore saying that the diversity and complexity of global regulations is increasing business risk, local expertise is becoming increasingly important in understanding and navigating that changing landscape.  

Having our teams located alongside our brokers’ regional teams makes it easier to build relationships and conduct business face-to-face. And I do think brokers value more than proximity.  They want decision-makers on the ground too. If every risk has to be referred to London, it undermines the value of a local trading hub. That’s why we believe strongly in empowering our teams in Singapore to make decisions locally.  

Singapore is also a highly business-friendly market that continues to attract top industry talent and investment from across the region. Combined with its strategic location, that makes it a natural base from which to support clients and brokers across APAC.  

Zurich completed its acquisition of Beazley on 1 October. What does the transaction mean for Beazley’s operations and growth ambitions in Asia-Pacific? 

I’m very excited about the opportunities the acquisition creates in APAC. Over the past eight years, Beazley has invested significantly in the region, expanding both the products we offer locally and the dedicated underwriting expertise available to support clients. We’ve now reached a level of maturity where the next step is to scale that platform, and I believe the acquisition will help us do that, supporting us to do more for our brokers and clients. 

There is a lot of chatter in the market about the potential impact of AI on underwriting and claims management. Is Beazley Singapore adopting AI and if so, how? More importantly, should underwriters be concerned? 

I believe the value of AI is to enhance the work we do as underwriters and claims experts, not replace it. Our market remains a relationship-driven business that relies on experience, judgement and an understanding of context. AI is best viewed as a tool that can help professionals work more efficiently rather than replacing human decision-making. It can help us identify claims trends for example, but when it comes to feeding that back to our underwriters and to clients, to boost resilience and making sure solutions evolve with the risk, that will come down to us. 

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